DIDCO Trading Company Limited in receivership

A notice in today’s Guyana Chronicle says that DIDCO Trading Company limited is in receivership.

As part of the process, house lots are up for sale at Plantation New Hope, East Bank Demerara. There are 400 lots which the notice said are approved for housing.

Further information could be gotten from the receiver, 106 Lamaha Street, Tel 225-8915.

The company’s website describes its activities as follows:

“DIDCO Trading Company, with its head office located at Ramp Road, Ruimveldt, Georgetown, Guyana was established under the Laws of Guyana in 1991. Starting as a Distributor company – importing and wholesaling essential food products with just three Sales outlet; Didco has come a very far way.

“Today Didco is one of the largest commercial businesses in Guyana and is currently diversifying further into its business activities.

“Didco has a hand in Shipping, Poultry Feed Production, Poultry Hatching, Raring and Processing, and  also Bathroom Tissue Converting and packaging.

“The Company has two sister companies namely Friendship Hotel & Restaurant Holdings Limited and Nova Scotia Manufacturing Company…

“In Guyana, Mr Deonarine Singh with his vision was able to secure the KFC franchise and on April 26th, 1994 the first KFC Outlet opened its door in Guyana at the busy downtown location at Stabroek allowing Guyanese to savour the Colonel taste of chicken, home style side dishes and hot and fresh biscuits.

“Today KFC in Guyana is a household name. We still take pride in doing things The Colonel’s way, utilizing only the highest quality ingredients, innovative recipes, and time-tested cooking methods…

“DIDCO Trading Company Ltd. currently employs some four hundred and sixty (460) full time employees, ninety two (92) contract employees.”

In December, 2011 the Guyana Revenue Authority had filed a petition in the High Court to institute winding-up proceedings against DIDCO Trading Company Limited which it said had failed to honour its financial obligations to the Revenue Authority.

The GRA in a statement then said that in November 2009 it took legal action against DIDCO Trading Company Ltd which failed to remit the Pay As You Earn (PAYE) deductions for various periods between 2007 and 2009 and judgment was subsequently granted in favour of the GRA with the Company being given an eight months stay of execution by the Court and another eight months by the GRA to liquidate the liability before levy proceedings were instituted.

The statement said that despite having been granted time by the Court and GRA to liquidate the outstanding liability, the Company failed to honour its financial obligations and this led to the GRA taking further action to pursue winding up.

The statement quoted the Head, Legal Services Division, Hissaun Yasin-Nandlall as saying “the failure of DIDCO Trading Company Ltd to honour its financial obligations has left the GRA with no other choice than to pursue Winding-Up proceedings.” She added in the statement that “apart from the PAYE liabilities, DIDCO has liabilities for Corporation Tax for the years 1993-2010; Property Tax for the years 2007-2011; and Value Added Tax (VAT) for the years 2007-2011 along with other PAYE debts which total in excess of $180 million.

DIDCO had had major plans for chicken production for the local and export market but encountered various problems including a damaging fire several years ago. A large investment had been made in its chicken farm on the East Bank of Demerara.

 

 

 

 

 

Around the Web

Comments